For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of section 3‑1302 on what constitutes a holder in due course.
Me. Rev. Stat. tit. 11, § 4-209
When bank gives value for purposes of holder in due course
Known as the Uniform Commercial Code
The act spans §§ 2–9 (548 sections).
PL 1993, c. 293, §B29 (AMD).
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.